AbbVie vs Amgen
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KIRA’s take AI analyst
I put AbbVie and Amgen side by side, using each one’s latest annual report. Here is what stands out:
- AbbVie is the larger business, with $61.2B of revenue in fiscal 2025 against $36.8B for Amgen, about 1.7 times as much.
- Amgen grew revenue faster (10.0%, against 8.6%).
- AbbVie turned more of its sales into free cash flow (29.1% FCF margin, against 22.0%).
- AbbVie earned a higher return on the capital invested in it (15.7%, against 14.4%).
- Investors pay more for each dollar of AbbVie’s earnings: a P/E of 81.0x against 27.6x for Amgen.
Who comes out ahead
Of the 10 measures where higher (or lower) is clearly better, how many each company leads.
AbbVie
ABBV
5/10
Gross marginFCF marginReturn on capitalNet debt / EBITDAShare count change
Amgen
AMGN
4/10
Revenue growth5-year growthOperating marginNet margin
Side by side
Best in the row
| Latest fiscal year | ABBV FY25 | AMGN FY25 |
|---|---|---|
| Size | ||
| Market cap | $507.8B | $241.9B |
| Revenue | $61.2B | $36.8B |
| Free cash flow | $17.8B | $8.1B |
| Net income | $4.2B | $7.7B |
| Growth | ||
| Revenue growth | 8.6% | 10.0% |
| 5-year growth | 6.0% | 7.7% |
| Share count change | 0.0% | 0.2% |
| Profitability | ||
| Gross margin | 70.2% | 67.3% |
| Operating margin | 24.7% | 24.7% |
| Net margin | 6.9% | 21.0% |
| FCF margin | 29.1% | 22.0% |
| Return on capital | 15.7% | 14.4% |
| Return on equity | — | 106.1% |
| Balance sheet | ||
| Net debt | $61.8B | $45.5B |
| Net debt / EBITDA | 2.7x | 3.2x |
| Dividends and buybacks | $12.6B | $5.1B |
| Valuation & quality | ||
| P/E | 81.0x | 27.6x |
| Piotroski F-score | 7 | 7 |
Ten years
Revenue
Operating margin
Free cash flow
Return on capital
Each company's latest fiscal year; fiscal years end in different months. The best value in each row is highlighted where higher (or lower) is clearly better. Not investment advice.